If you’re a business owner, you should start using accounting software that will help you track accounts, give you a detailed insight into profitability, and of course, prepare you for tax season.

There are many different types of accounting software that you can use for free and upgrade the plan later on if you decide to continue using its service. Here are some of the best-ranked accounting software tools that are best suited for a business.

1. QuickBooks

QuickBooks

This software tool is one the most used and the best tools aimed at small businesses. Besides the standard options for accounting you need, QuickBooks Online also delivers you a range of additional features and options. This software has an excellent user interface and easy navigation through a dashboard; you can easily customize any reports you want and create new cash flow pages.

In addition, QuickBooks Online supports hundreds of add-ons, plugins, and integrations, and everything will still work perfectly. This software offers you a 30-day free trial, after which you can choose from four paid plans – Simple Start plan (priced at $25/month), Essentials plan (priced at $40/month), Plus plan (priced at $70/month), and Advanced plan (priced at $150/month).

2. Xero

Xero

Xero is the most suitable tool for micro-businesses that are looking for a simple way of accounting. This tool can run over 50 reports simultaneously while including profit and loss statements and a general ledger. Besides this, you’re able to customize every report, view them as charts, or apply a filter if needed.

Once you’re done with a report, you can choose to print it, export it as PDF, Excel, or Google Sheet. Xero is also available for iPhone, iPad, and Apple Watch. It offers three monthly subscription plans – Early (priced at $11/month), Growing (priced at $32/month), and Established (priced at $39/month).

Finally, if you need a full-service payroll option, Gusto offers it, and it costs an additional $39/month (plus $6 per employee).

3. Oracle’s NetSuite

Oracle NetSuite

NetSuite offers a wide range of features mainly aimed at small businesses that want a clear picture of their business. It focuses on automation while making sending and collecting invoices as simple as possible. In addition, you can easily manage all aspects of your business from a single dashboard, as well as make and receive payments, manage taxes, and much more.

This software automatically processes all sales and fees based on local laws you’re selling or operating in if you’re dealing with international sales. NetSuite also has many ERP tools to help you manage finances, production, and the supply chain. The price of this software depends on what features you want to include in your plan.

4. Plooto

Plooto

Plooto is currently the most used payment platform that lets you efficiently manage all of your payments, approvals, and reporting from a single central location. This software uses intelligent approval workflows to secure electronic payments to lower errors and speed up the payment process.

When managing several accounts, you most definitely want an easy-to-use, quick and transparent tool. Moreover, Plooto stands out for providing a quick and affordable way to automate all accounts payable tasks. fastThere’s a unique payment method if you decide to use this tool – $25 per month for ten domestic payments and 50 cents for each additional domestic transaction. Each international transaction costs $9.99, while each check payment costs $1.99.

Conclusion

Working from home has become the only option during the pandemic, and it will most probably continue to be popular with many workers and employers across the world.

Having excellent and powerful accounting software to keep on track with all activities and processes is vital, especially for small businesses. Accounting software vendors are responding by automating even more aspects of accounting, so if you’re not using one, start right off!